Richmond, Va., August, 15, 2011 — Nine major power generation and environmental protection projects recently completed, under way or planned for the near future by Dominion Virginia Power will produce more than $3.3 billion in economic benefits for the commonwealth by 2015, a study of the projects' economic impact reports.
The program will support more than 14,200 construction jobs in Virginia from 2007 through 2015, reports the study by the Richmond-based economic research and consulting firm of Chmura Economics and Analytics.
Additionally, once the projects are completed, their ongoing operations will produce annual economic benefits of more than $290 million and generate more than 750 jobs beginning in 2015, the study found.
The projects will help meet Virginia's increasing demand for power, expand the use of renewable resources and protect the environment through improved air quality.
The study measured benefits attributed directly to the construction, including spending for labor, materials, equipment and professional services. It also measured indirect and induced economic benefits from construction.
Indirect impact refers to secondary spending, such as using trucking companies to transport supplies and materials to the construction sites. Induced impacts occur when employees engaged in the construction and their suppliers spend earnings as consumers.